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Tanger buys controlling stake in Deer Park outlet
Tanger Factory Outlet Centers Inc. has increased its ownership stake in the Tanger Outlet at Deer Park, the company announced.
The Greensboro, N.C.-based real estate investment trust bought the one-third interest in the Deer Park location from Syosset-based Blumenfeld Development Group for $13.4 million in cash and 450,576 Class A shares of Tanger stock. The deal was worth about $27.46 million at the end of trading day Wednesday.
Tanger now owns two-thirds of the Deer Park outlet center, and Blumenfeld owns one-third, with the option of selling the stake to Tanger in the future, according to a news release Tuesday.
With the controlling interest, Tanger will now oversee management, leasing, marketing and other operations at the Deer Park property. In a news release, Tanger chief executive Steven Tanger said he hopes to upgrade the tenant mix at the outlet.
The Deer Park location currently has 96 outlet stores, 10 restaurants and a movie theater. There are two Tanger outlets on Long Island -- the other is in Riverhead.